Which Type of Market Participant Would Prefer Physically-Settled Crypto Futures?

A market participant who intends to actually acquire or dispose of the underlying cryptocurrency would prefer physically-settled futures. This is common for entities like miners who need to sell their production, or institutional funds that require a specific quantity of crypto for their portfolio and want to bypass the spot market logistics.

For them, the futures contract is a convenient way to lock in a price and execute the physical exchange simultaneously, integrating the hedging and delivery processes.